Recent studies have shown that when saving for retirement more workers are relying on themselves rather than the government. When it comes to employee benefits administration, there are ways for human resources to keep worker morale up as baby boomers are getting ready to leave the workforce.
Despite the recent economic upturn, the latest annual Retirement Confidence Survey from the Employee Benefit Research Institute (EBRI) shows that 28 percent of workers surveyed have genuine concerns over their savings and 21 percent are not very confident in their future retirement. While over half say that they feel either secure or somewhat positive, worker reliance on government assistance is decreasing.
In addition, the most recent COUNTRY Financial Security Index survey found that only 28 percent of 50 to 64-year-olds believe they can save enough in time to retire. Because of the recession, many had to dip into their 401Ks and personal savings to keep afloat.
There are ways that businesses and HR administration can boost employee confidence. Counseling and financial information can be helpful for older workers worried about retiring, and taking the time to educate younger employees about investment risks and retirement plans can prevent any financial fear in the future.
